In this episode, Nolan Clark, CFP® and Zack Payne, CFP® dive into “Pre-Flight Planning for Parenthood,” sharing their experience researching financial steps for new and expecting parents. The birth of a child is a super exciting time, but there’s more to consider than just preparing the nursery and buying tiny socks.

From re-evaluating emergency funds to navigating the “alphabet soup” of health insurance, this conversation aims to raise awareness for families expecting a new baby. The goal is simple: help you take control of your family’s plan early so you can focus on what matters most to your growing family.

Key Topics Covered

• The First Steps: Why looking at the budget and building an emergency fund may be worth the effort.
• Life Insurance and Estate Planning: Ensuring your family has the proper coverage through life insurance and updated wills.
• Health Insurance Strategy: How to analyze different health insurance options.
• Baby’s Health Insurance: Why you may need to manually add your newborn to your insurance policy, and how to avoid common pitfalls.
• Baby Bonding: Researching your options with short-term disability, paid leave and unpaid time off.
• Future Savings Options: Navigating 529 plans, UTMA/UGMA accounts, and the new Trump Accounts.

Actionable Takeaways

• Research your health insurance plan and options to understand what is in-network and note your out-of-pocket ceiling.
• Review your employer’s maternity leave policy and potentially consider shopping for a short-term disability policy before becoming pregnant.
• Consider opening a 529 savings account early to start the 15-year clock, which may allow for future Roth IRA rollovers.
• Reach out to the Leading Edge team at nolan@leadingedgeplanning.com or zack@leadingedgeplanning.com for a personalized look at your documents.

Planning for a new child may be overwhelming, but taking small, consistent actions today may lead to peace of mind tomorrow.

Links

• Aero Crew News Article: Should You Open a Trump account? 

Timestamps

00:00 Introduction
02:33 As a new parent, what are some things I can plan before the birth of my first child?
06:27 Understanding your income vs. expenses 
11:03 Life insurance for main income earner
17:09 Spousal life insurance needs 
19:29 Health insurance options
29:55 What helps you sleep at night?
32:09 Scenario: if one spouse is still on parents’ health insurance
34:16 Health insurance for mother vs. baby
35:42 Adding your baby to your health insurance plan
38:05 Maternity leave & short-term disability
42:19 Savings to consider once the baby is born
44:38 Planning for college
45:10 Other savings options
51:20 Additional 529 considerations
53:56 Wrap up and disclaimers 

For personalized guidance, visit Leading Edge Financial Planning or reach out to our team anytime.

Connect with Nolan Clark

nolan@leadingedgeplanning.com 
270-545-5880

Connect with Zack Payne

zack@leadingedgeplanning.com 
865-427-4037